with Valley View, LLC contemplates that Wheatland will be purchasing the real property and that HLA will be purchasing and operating the livestock market.
FINDINGS OF FACT
The Board determined that the proposed findings of fact in the Proposed Decision are not supported by competent substantial evidence in the record, as supplemented, to the extent that the Proposed Decision identifies Wheatland as the proposed transferee of the livestock market certificate. This determination is based on the following:
1. Brunner testified at the August 10, 2026 contested case hearing as follows:
We have created two entities. One is Wheatland Livestock, LLC. One is HLA, LLC. Wheatland Livestock will be the real estate holder. Two, HLA, LLC. HLA will be the holder and the operating business of Headwaters Livestock Auction.
- Audio Recording, at 05:00.
- Although the transfer request initially identified Wheatland as the proposed transferee and HLA as the proposed real estate holding entity, the First Amendment establishes that Wheatland and HLA assigned their interests in the transaction documents to ensure that Wheatland would be the real estate holding entity and HLA would be operating the livestock market. HEADWATERS 003-053 and 170-173.
- Other documents submitted to the Department in support of the proposed transfer
identify HLA as the proposed market certificate transferee, such as the Livestock Dealer License
Application (HEADWATERS 103–105) and the United States Department of Agriculture
Application for Registration and Surety Bond under the Packers & Stockyards Act
(HEADWATERS 107–112).
- Wheatland and HLA are both Montana limited liability companies formed on June 4, 2026 and composed of members Brunner, Daryn Cederberg, and Jon Kamps.
HEADWATERS 114–119; Audio Recording, at 05:00. Accordingly, the change from Wheatland